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Financial Accounting Practice Test
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Financial Accounting Practice Test
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25 Questions

1. The value of asset can be reduced to zero under this method _____.
2. Rent and rates should be divided among the different departments on the basis of ____.
3. Under hire purchase system, the retail price of the articles is called ________.
4. Examples of non-trading concerns are ________.
5. Cash account opening balance will appear in _______.
6. Under hire purchase system, interest is calculated on _______.
7. The permanent, continuing and gradual shrinkage in the book value of a fixed asset is called _______.
8. Under the diminishing balance method depreciation is calculated on____.
9. The asset account appears in the books at original cost when a ______.
10. Lighting expenses should be divided among the different departments on the basis of _________.
11. An agreement of hiring with option to buy is ____________.
12. Opening balance of debtors will be posted in which side of debtors account?
13. The main objective of providing depreciation is _______.
14. Bills payable account opening balance will appear in ____________.
15. Under annuity method the amount of depreciation is found out from _____.
16. What is depreciation?
17. Under branch accounts debtors system, opening balance of assets are recorded in ____.
18. In the books of hirer, when the asset is repossessed hire vendor account will be ______.
19. Cash account closing balance will appear in __________.
20. If debit side of income and expenditure account is greater it is termed as
21. Bills payable account closing balance will appear in ____________.
22. Expenses which can be directly identified with or incurred for particular department are called __________.
23. Workmen’s amenities and welfare expenses should be divided among the different departments on the basis of ____________.
24. Expenses which cannot be apportioned to department must be shown in the _____.
25. In departmental accounts expenses like director fees, interest is transferred to ______.

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